Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Sunday, February 22, 2009

Action magnified on the half hourly charts

Showing Divergence and Hammer

30 minute chart

The bears can spot a head and shoulders bearish pattern and the bulls a falling wedge which is a bullish pattern. Who will win? There is always only one answer-- the homework doing, smart, nifty and diciplined trader! Play short with stop loss of 2755 which is the neckline. And if decisively crosses and stays above 2755 then go long with stop loss at 2709. There are positive divergences on 30 minute charts and a hammer was formed on the 2-30pm candle followed by a big white candle which is a reversal pattern. But since it is on a 30 minute chart it may be signalling a pull back only. Have put up the chart to show u that too.


mjj2506 said...

Thanks for next support level market.Please give guidelines on specific stocks for long term view.

Lakshmi Ramachandran said...

sure will . but i trade only on nifty so will give it whenever i spot one